London law enforcement has issued a warning through the UK’s Financial Conduct Authority (FCA) concerning OneCoin. The organization says there are “potential risks” the OneCoin community poses on UK consumers.

London Police Investigates OneCoin As Cryptocurrency Supporters Continue to Expose It As a Scam

The FCA agency has asked people who have been possibly victimized by OneCoin’s alleged fraudulent activities to come forward. Because the FCA has not authorized OneCoin, the group says there are no protective services for consumers. The UK financial officials say an action fraud link is available, and people can also telephone them.

The so-called digital currency has gained much attention globally. The cryptocurrency community has deemed the business a complete ponzi scam and has warned many people about its activities. Bitcoin.com had also released a OneCoin Ponzi Expose where over a hundred thousand readers heard about this potential fraud. The article is one of the top posts on Google when searching the word “OneCoin” online.

Other members of the Bitcoin community have warned people by attending OneCoin workshops and exposing them on video. The hosts of the podcast Bitcoin Uncensored crashed an event and asked the organizers hard-hitting questions. Bitcoin Uncensored host Chris Derose told Bitcoin.com that he and his partner Junseth believe more crypto-enthusiasts should bust these types of scams.

Derose explained:

Junseth and I are the scam-busters around here, but there’s no reason for us to be the only ones. I think the community needs to be better about putting its foot down more often.

Other Nations and MLM Publications Warning About OneCoin Activities

The London Police are not the only officials warning about the digital currency. Scam advisories against OneCoin have been spread in areas like Germany and Belgium. People continue to warn users against the digital currency online.

The publication Behind MLM, which focuses on Multi-Level-Marketing initiatives, has also warned readers of against the business’ tactics. It has shared many articles on how the pyramid scheme works and news concerning arrests in countries such as India.

Behind MLM also revealed a story about former OneCoin associate Imran Shah, who “previously hosted three company events with OneCoin executives.” According to Shah, his funds were frozen by the organization.

Dr. Ruja Promises to Double Assets Come October 1st

All of this comes at a time when the central leader of OneCoin, Dr. Ruja Ignatova, has promised investors that she will double their coins come October 1st.

Ignatova says that “Ultimate and Tycoon” investors who hold affiliate “packages” will be rewarded when she changes the “blockchain.” The company claims that everyone who owns the digital currency will double their investment because of this implementation.

The company has made promises like these before claiming in the past that many merchants had made preparations to accept OneCoin as payment. However, these stories have never seemed to materialize for the organization. Currently, in the legitimate cryptocurrency world, not one single exchange accepts the currency. The digital currency is also not listed on reputable market capitalization sites such as Coinmarketcap.com and others.

Many people believe this fraudulent operation is about to explode in the coming months. Some have speculated that October 1st will be the first sign of the Ponzi cracking at the seams. When things go terribly wrong for those who invested in this operation the leaders may dip out of the limelight. As more and more law enforcement officials aim their sights on the crypto-MLM project it becomes pretty apparent OneCoin is a corrupt non-existent cryptocurrency.

What do you think about this MLM digital currency operation getting closer to demise? Let us know in the comments below.

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Prime brokerage firms are coming for crypto in what’s likely to be a race of winner-takes-almost-all. Goldman Sachs is synonymous… read more.

Jamie Redman

Jamie Redman is a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Redman has written thousands of articles for news.Bitcoin.com about the disruptive protocols emerging today.

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